Dublin 24: Luas brings new lease of life to Dublin 24
Demonstrating how much difference good transport links can make, it is the Luas, along with a stock of more affordable homes, that underpins much of the current buoyancy of the market in Dublin 24, with commuting time into the city centre at around 45 minutes from Tallaght. Proximity to transport links is a factor throughout the postcode, with properties in Citywest and increasing value across the board.
Apartments in Dublin 24, which saw their values hard hit not so many years ago, are selling strongly, and the values of these properties surged as first-time buyers sought to make the transition from renting to buying.
"With rents running at between €1,400 and €1,500 for a two-bedroom apartment in Belgard Square, it's cheaper to buy (at between €190,000 and €220,000) than it is to rent," reports local agent Marc Browne.
There was a good level of transaction in the Dublin 24 market, with the postcode experiencing a similar pattern to the rest of the capital in terms of a front-loading of activity in the first six months of the year, including a very busy June, a slowing-down in the third quarter and prices remaining static in the final quarter, despite a good volume of transactions.
"That said, there was still plenty turning over at the end of the year," says Browne.
Developments such as Dodderbrook and Ballycullen Green are close to the M50 and are priced at a more affordable level than some others in D24; these were popular with buyers of new homes last year. One property in Dodderbrook, bought off the plans for around €355,000, attracted significant interest when it was flipped and subsequently sold for €464,000 after heated, competitive bidding. These developments are also attracting buyers of family homes who have been priced out of neighbouring Dublin 14 and 16. New phases are due to be released in 2018 and Browne expects plenty of interest.
Our expert reports that sales of second-hand family houses in Firhouse and Ballycullen are also moving well, although much larger detached houses at the higher end were a "slower sell", thanks to the mortgage lending rules governing multiples of income. Entry-level/first-time-buyer properties and four-bedroom family homes performed consistently well. Browne predicts that a new cohort of buyers will be out early in 2018, looking to avail of the front-loaded flexibility in the banks' lending capacity in the first few months of the year.